Frmo Corp (FRMO) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone. This is Therese Beyer speaking, and I'm the Corporate Secretary of FRMO Corp. Thank you for joining us on this call. The statements made on this call apply only as of today. The information on this call should not be construed to be a recommendation to purchase or sell any particular security or investment fund. The opinions referenced on this call are not intended to be a forecast of future events or a guarantee of future results. It should not be assumed that any of the security transactions referenced today have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past performance of the investments. For additional information, you may visit the FRMO Corp website at frmocorp.com. Today's discussion will be led by Murray Stahl, Chief Executive Officer, and Stephen Bregman, President and Chief Financial Officer. They will review key points related to the fiscal 2026 first quarter earnings. And now I'll turn the discussion over to Mr. Stahl. Okay. Thank you, Therese. Thank you, everybody, for joining us. So I thought what I'd do today is I'd make a couple of general points. variety of general points related to what the quarter was like and talk about in the context of what we've been trying to accomplish for the last couple of years. Then we'll turn it over to questions. So the first part of earnings themselves, the most salient event, at least arithmetically, is decline of our shares of Texas Pacific Land Trust. So it's a decline in price. We didn't sell any shares. um and i'll just contextualize it um year-to-date oil is down on the order of 12 natural gas is down on the order of 20 and its earnings are to a large degree depend upon oil and natural gas so there's nothing unu...